April 09 Market Commentary and Technical Levels

EURUSD Outlook

The EURUSD made indecisive movement yesterday, formed a Doji formation on daily chart and the pair still trapped in the triangle area. The pair attempted to push lower, bottomed at 1.3147 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 1.3307 and closed at 1.3279. On 4h chart below we can see that the trendline support has provided a good support for the Euro. A breakdown to the downside should trigger further bearish scenario. The bias is neutral in nearest term. Immediate resistance is seen at 1.3310. Break above that level should trigger further upside pressure testing 1.3360 and 1.3415 resistance area. Initial support at 1.3147 (yesterday’s low). Break below that support area could trigger further bearish scenario towards 1.3050 – 1.3000 area. CCI in neutral area in all three time frames (hourly, 4h, daily).



EURUSD Daily Supports and Resistances:

* S1= 1.3181
* S2= 1.3084
* S3= 1.3021
* R1= 1.3341
* R2= 1.3404
* R3= 1.3501


GBPUSD Outlook

The GBPUSD made another indecisive movement yesterday formed a Doji formation on daily chart. On hourly chart we have a triangle formation indicating consolidation. The bias remains unclear in nearest term. A break on either side of the triangle area should give us clearer direction. Immediate resistance is seen at 1.4775. Break above that level should trigger further upside pressure testing 1.4850/90 resistance area. Initial support at 1.4635 – 1.4580 area. CCI in neutral area on 4h chart.



GBPUSD Daily Supports and Resistances:

* S1= 1.4650
* S2= 1.4586
* S3= 1.4539
* R1= 1.4761
* R2= 1.4808
* R3= 1.4872


USDJPY Outlook

The violated rising wedge formation I showed yesterday has give us a valid bearish scenario so far. Yesterday the pair bottomed at 99.31 and closed at 99.73. The bias remains bearish in nearest term targeting 98.90 area. However CCI in oversold area and heading up on 4h chart so watch out for a potential upside pressure testing 100.35 resistance area.



USDJPY Daily Supports and Resistances:

* S1= 99.07
* S2= 98.42
* S3= 97.53
* R1= 100.61
* R2= 101.50
* R3= 102.15


USDCHF Outlook

The USDCHF had another moderate bullish momentum yesterday. On hourly chart we can see that the trendline support (former resistance) still provide a good support. The bias remains bullish in nearest term targeting 1.1540 and 1.1600 area. CCI just cross the 100 line down on 4h chart so watch out for a potential downside pressure testing 1.1430/00 support area.



USDCHF Daily Supports and Resistances:

* S1= 1.1413
* S2= 1.1361
* S3= 1.1309
* R1= 1.1517
* R2= 1.1569
* R3= 1.1621

Have a great day!

Thursday, 09th of April, 2009
By Setyo Wibowo (analyst@fxinstructor.com)